March 07, 2008 10:19 ET

Arctic Oil & Gas Business Model Designed to Duplicate Success of Prudhoe Bay, North Sea, and Gulf of Mexico

LAS VEGAS, NV--(Marketwire - March 7, 2008) - Arctic Oil & Gas, Corp. (PINKSHEETS: AOAG), a petroleum exploration company, along with the consortium that it initiated to develop the "Arctic Commons" prospect, will follow the highly successful working models used to develop the largest oil and gas discoveries of the last forty years. Arctic expects to develop and manage the prospect, along with handling the international legal affairs, while partnering with a major independent oil exploration company and an additional two to four major oil and gas financial partners.

A recent article in the Wall Street Journal noted that, "Despite grueling conditions, interest in oil and gas reserves in the far north is heating up. Virtually every major producer is looking to the Arctic sea floor as the next -- some say last -- great resource play. One study, by U.K. consultants Wood Mackenzie and Fugro Robertson Ltd., puts reserves there at roughly 400 billion barrels, or 30% of the world's remaining supply."

Similar partnerships turned the North Sea into the backbone of the Scottish and Norwegian economies. The same spectacular results for the same model have taken place at Prudhoe Bay, Alaska and in several massive offshore plays in the Gulf of Mexico.

Peter Sterling, Arctic CEO, stated, "We have been well-advised to adopt this highly successful business model. This is the 'Harvard MBA' of international oil and gas business models and it seems that whenever it is used in developing a major prospect, it always works."

Sterling continued, saying, "Our legal development of the model will be in expert hands. I feel confident that our actions will assure the major oil companies that they are dealing with fellow professionals."

About Arctic Oil & Gas

Arctic Oil & Gas representatives have filed a claim with the United Nations General Assembly and the countries of Canada, Russia, United States of America, Norway and Denmark, claiming, as a responsible oil and gas development agent of the "common heritage of mankind," the sole and exclusive exploitation, development, marketing and extraction rights to the oil and gas resources of the seafloor and subsurface contained within the entire Arctic Ocean Common area beyond the exclusive economic zone of the Arctic Ocean's surrounding countries called the "Arctic Claims." The Company intends to operate as the "lead manager" tasked to create a multinational joint venture consortium of major oil companies, whose technology and managerial expertise will be vital to recovering the oil and gas from beneath the harsh, deep waters of the Arctic in an environmentally safe manner.

Please visit www.ArcticOAG.com

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Actual results may differ from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks associated with oil & gas exploration risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, government regulation and taxation. More information about factors that potentially could affect AOAG's financial results is included in its filings with the Securities and Exchange Commission.